Word: dixons
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...Government decided last week that Dixon should pay for his extravagance. In a 38-count criminal indictment, the Justice Department charged that Dixon illegally used the S&L's money to pay for political contributions, pleasure trips and rent on a California beach house. If he is convicted on all counts, Dixon could face a 190-year prison sentence and a fine of as much as $9.5 * million dollars. (Dixon intends to plead innocent.) Eight Vernon officers have already been convicted, including Chairman Woody Lemons, who last week began serving a 30-year term, the longest to date...
...Dixon indictment signals an upsurge in charges against the culprits accused of causing the S&L mess, the biggest financial scandal in U.S. history. But the Dixon case underscored the difficulty of prosecuting complicated financial crimes. The Government took more than three years to build its case against Dixon alone. And U.S. officials have not yet investigated 7,000 more tips about possible fraud at S&Ls. With so many leads and limited resources, the Justice Department may be able to prosecute only the most egregious misdeeds that befell thrifts in the 1980s...
...indictment describes him, Dixon embodied the high-rolling style of oil-patch opportunists. In the early 1980s Congress wrongheadedly tried to help struggling thrifts earn higher returns by liberating them to invest in virtually anything they wanted. Crafty entrepreneurs began building the S&Ls into fast-buck enterprises by sinking money into marinas, golf courses and even uranium mines...
...Dixon lived with panache, lounging at a posh beach house in Solana Beach, Calif., and entertaining Vernon executives in high style. Trouble was, the money for such perks allegedly came from the thrift's vaults. According to the indictment, the rent on Dixon's beach house was paid by an associate, Jack Atkinson, who had got loans from Vernon. All told, Atkinson paid $577,000 in rent through loans. When Vernon would no longer extend the credit, Dixon allegedly arranged for Atkinson to receive an extra $24,200 as a "consulting" fee, which also went toward the rent...
...indictment charges that Vernon S&L picked up the tab for Dixon's personal trips and parties, some of them featuring prostitutes. Tagging along ! on several outings was the highest-ranking thrift regulator in Texas, Linton Bowman, who has not been charged with any wrongdoing. Dixon sought to win political allies with hard cash. He allegedly had Vernon make illegal contributions to the campaigns of such politicians as California Senator Alan Cranston, former House Majority Whip Tony Coelho and former House Speaker Jim Wright, all of whom have been tarnished by other connections to the S&L scandal. None...